The present disclosure is directed to transaction assessment and/or authentication systems and methods and, more particularly, to systems and methods for assessing and/or authenticating transactions to identify fraudulent payments.
Many payment transaction anti-fraud systems provide a result to the merchant of either: Accepting the transaction; Rejecting the transaction; or Manually reviewing the transaction.
The first two results typically result in an automated response to the initiator of the transaction, either an acceptance of the payment or a rejection respectively.
FIG. 9 shows an exemplary payment transaction anti-fraud system 900, of the type that is currently in use. Such systems provide a score as the result of evaluation (910). Similarly, one range of scores would typically result in an automated acceptance (920), with another range resulting in an automated rejection of the payment (930). The transactions in the middle grey area would require further manual review (940).
The evaluation of transactions that are categorized as requiring further manual review is time consuming and error prone. On average in online commerce 20 percent of transactions require manual review. The manual review cost is estimated to be in average more than 50 percent of the overall expenditure in anti-fraud activities. The more this review process can be automated the higher the efficiencies and benefits.